Algoma Central Swings to a Q1 Profit on Higher Revenue and One-Time Gains
Algoma Central (ALC.TO) on Thursday said it swung to a first-quarter profit on one-time gains and higher revenue.The shipping company reported net income of $2.2 million, or $0.05 per share, compared with a net loss of $23.3 million, or $0.57, in the prior- year period.Algoma said the result included one-time net gains totaling $18.9 million. Excluding these gains, its loss narrowed to $16.7 million.Revenue rose to $127.8 million, from $107.2 million, over the same period.In its outlook, Algoma said global tariffs could increase operating costs and reduce trade volumes. Earnings could also be impacted by conflicts in Europe and the Middle East, however nearly all of the company's operations are outside these high risk areas. Algoma does not anticipate major changes in cargo volumes at this time.The company will pay a regular quarterly dividend of $0.21 per share on June 1, to shareholders of record on May 15.Algoma Central shares were last seen up $0.25 to $21.84 on the Toronto Stock Exchange.Price: $21.84, Change: $+0.25, Percent Change: +1.16%
